How Has the Public Key Infrastructure Market Size Evolved in Recent Years?
The public key infrastructure market has seen considerable growth due to a variety of factors.
• The expansion of the public key infrastructure market has seen a significant spike in recent years. Its increase from $4.6 billion in 2024 to $5.54 billion in 2025, with a compound annual growth rate (CAGR) of 20.7%, marks a substantial growth. Factors such as security worries, adherence to regulations, initiation of digital transformation, e-commerce development, and escalating interconnectedness can be credited for the escalation observed in the historic period.
What Are The Predictions for The Public Key Infrastructure Market?
The Public Key Infrastructure market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, it is projected that the public key infrastructure market will experience robust expansion. The market's value is set to reach $11.74 billion in 2029, with a compound annual growth rate (CAGR) of 20.6%.
The increase during the forecast period is primarily due to factors such as the spread of IoT, integration with blockchain, quantum-safe cryptography, rapid digitization, and an emphasis on user privacy. The period is also likely to see trends such as the use of blockchain for certificate transparency, a move towards managed PKI services, the adoption of zero trust security frameworks, improved certificate lifecycle management, and the need to meet regulatory compliance obligations.
Which Drivers Are Accelerating Growth In The Public Key Infrastructure Market?
The surge in cyber fraud incidents propels the demand for the public key infrastructure market. Cyber fraud involves the deliberate infiltration of another person's personal and financial details stored online. Public key infrastructure serves as a cybersecurity technology infrastructure that amalgamates an HSM (hardware security module) for safeguarding key storage, a Root CA or Certification Authority for issuing digital certificates, and public cryptographic keys for data encryption and prevention from cyber fraud. For example, the Federal Bureau of Investigation, a domestic intelligence and security service agency based in the US, in their Internet Crime Report 2021, published in March 2023 mentioned that investment scams reported to the IC3 were the most expensive scheme in 2022. Investment fraud complaints saw a jump from $1.45 billion in 2021 to $3.31 billion in 2022, marking a rise of 127%. In particular, cryptocurrency investment fraud complaints ballooned from $907 million in 2021 to $2.57 billion in 2022, marking a surge of 183%. Hence, the rising number of cyber fraud incidents will fuel the expansion of the public key infrastructure market.
What Are The Core Segments Of The Global Public Key Infrastructure Market?
The public key infrastructure market covered in this report is segmented –
1) By Component: Hardware Module, Solution, Services
2) By Deployment Mode: Cloud, On-Premise
3) By Organization Size: Large Enterprises, Small And Medium Enterprise (SME)
4) By Vertical: BFSI, Government And Defense, IT And Telecom, Retail, Healthcare, Manufacturing, Other Verticals
Subsegments:
1) By Hardware Module: Hardware Security Modules (HSMs), Smart Cards, USB Tokens
2) By Solution: Certificate Authority (CA) Software, Registration Authority (RA) Software, Digital Signature Solutions, Public Key Management Solutions
3) By Services: Managed PKI Services, Consulting Services, Integration Services, Support And Maintenance Services
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Which Emerging Trends Are Reshaping The Public Key Infrastructure Market Size?
Technological progression is a crucial trend gaining traction in the public key infrastructure market. Major players in this market are making strides in technology to maintain their market standing. For instance, in September 2024, the Ethiopian government established a Public Key Infrastructure (PKI) branch with the goal of streamlining the data exchange aspect of the country's digital public infrastructure (DPI). The PKI application ensures dependable and secure digital data transfer by employing encryption techniques that safeguard information during its transfer. This infrastructure includes hardware, software, experts, and a legal framework, collectively forming a strong system for managing digital certificates and guaranteeing secure communication.
Who Are the Key Players In The Public Key Infrastructure Market?
Major companies operating in the public key infrastructure market include:
• DigiCert Inc.
• GlobalSign
• Entrust
• Thales Group
• Sectigo
• Identrust
• Keyfactor
• Amazon Web Services Inc. Microsoft Corporation
• Venafi
• Comodo
• Broadcom Inc
• International Business Machines Corporation
• RSA Security
• GoDaddy
• Let's Encrypt
• Trustwave
• Infocert
• QuoVadis
• Certum
• Actalis
• SafeNet
• DigiCert TLS
• Certigo
• SecureTrust
• E-CP
• Buypass
• Trustico
• Gandi
• NetLock
What Are The Regional Insights Into The Public Key Infrastructure Market?
North America was the largest region in the public key infrastructure market share in 2024. The regions covered in the public key infrastructure market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
